The Market Monitor Minding the Nation's Business
The Philippine Deposit Insurance Corporation (PDIC) will auction off two prime commercial lots and dozens of other properties across Luzon through an electronic public bidding scheduled on July 8 and 9.
In a statement last week, PDIC said the submission of bids will run from 9 a.m. on July 8 until 1 p.m. on July 9, with the opening of bids set at 2 p.m. on the same day.
Among the properties on the block are commercial lots in Naujan, Oriental Mindoro and San Jose del Monte, Bulacan, both of which were previously used as bank premises. The minimum disposal prices are ₱3 million and ₱6.9 million, respectively.
The e-bidding also includes 35 residential lots, 18 agricultural lots, and five mixed-use properties classified as residential and agricultural, with land sizes ranging from 42 square meters to 4.5 hectares.
These assets are located across Metro Manila and several provinces, including Albay, Batangas, Bulacan, Camarines Sur, Isabela, Laguna, La Union, Oriental Mindoro, Pangasinan, Quezon, Rizal, and Zambales.
PDIC said all properties will be offered through its online portal, where interested buyers can access property listings, bidding procedures, requirements, and submit bids remotely after completing a one-time registration.
The agency reminded prospective bidders to conduct due diligence, including verification of property condition, ownership, and other relevant details, and to carefully review all bidding terms before participating.
As the statutory receiver of closed banks, PDIC manages and liquidates remaining assets to maximize recovery and help settle claims of depositors and creditors, including those with uninsured deposits.
Proceeds from asset sales are directed to funds used to pay obligations of closed banks, while revenues also support the Deposit Insurance Fund, which covers valid insurance claims.
Interested buyers may contact PDIC through its Public Assistance Department or official hotlines, or send inquiries via email and its official social media channels for guidance on the bidding process.